Competitive research is an absolute must with any business, however even more important for a startup. Far too often, handfuls of cash are sunk into startups just to find that someone else is already out there and doing it better. As a internet marketer and entrepreneur, my first step is always research. If you’ve got a great idea, chances are someone else has thought of it too. There’s a good possibility that someone even has a working prototype or a functional website that does exactly what you envisioned. This doesn’t mean you can’t pursue the idea, but it is important for you to know who else is out there and exactly what they’re doing. It’s important to monitor your competition and stay ahead of the curve. Sign up for their email lists, setup alerts for their brand, keywords they are trying to rank for and their product line. This will help you monitor the online conversation around their brand and more importantly understand what their customers are looking for. This is a great way to identify any disconnects in the product or service offering and will help you craft your marketing message. If you see that customers are mentioning that brand ‘xyz’ has a great product, but poor customer service, you know to put emphasis on your excellent customer service. Only do this if you actually have superb customer service, of course. Since most companies fail to properly monitor what people are saying about their brand, there’s a good possibility you could have more insight than they do!
